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Voyager sent $150 million of USDC to Circle to redeem for US dollars

On-chain data show a new stage of Voyager Digital’s effort to offload its crypto assets, as the shuttered exchange transferred $150 million in the USDC stablecoin to Centre, a joint venture between Coinbase and Circle.

The transfer, at 4 p.m. EDT, was from the “Voyager 1” Ethereum wallet and was sent to Centre, according to transaction records.

The sale is part of a larger strategy at the company to offload its crypto assets. Throughout February, Voyager transferred around $154.4 million in USDC off Coinbase to the company’s publicly tagged “Voyager 1” Ethereum wallet. Now, it appears to be attempting to convert those funds into U.S. dollars.

Regulators have openly opposed the plans, however. In February, the Securities and Exchange Commission, the New York Department of Financial Services and the Attorney General of the State of New York all objected to Binance.US’s amended plan to acquire crypto lender Voyager, arguing that Voyager’s attempt to sell its crypto may violate securities laws.

“Regulatory actions, whether involving Voyager, Binance.US or both, could render the transactions in the plan impossible to consummate, thus making the plan unfeasible,” Therese Scheuer, senior trial counsel at the SEC, said in the filing.

Voyager did not immediately respond to a request for comment from The Block.

   

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